German investment- and asset manager CORPUS SIREO lets a total of 513,000 square metres of commercial and residential space in 2010
Cologne, Germany, based CORPUS SIREO signed first-time leases or lease renewals for commercial and residential floor space totalling 513,000 square metres in 2010. Compared to last year’s take-up, this means an increase by more than 100,000 square metres. The segments office (218,000 sqm) and residential (148,000 sqm) accounted for the largest share of the letting volume. The real estate is owned by investors, major companies with proprietary real estate stock, and banks whose properties are managed by CORPUS SIREO.
Cologne, Germany, based CORPUS SIREO signed first-time leases or lease renewals for commercial and residential floor space totalling 513,000 square metres in 2010. Compared to last year’s take-up, this means an increase by more than 100,000 square metres. The segments office (218,000 sqm) and residential...
Judging by the respective share in the overall performance, CORPUS SIREO was particularly successful in letting floor space from the portfolios of international investors. Nearly 245,000 square metres in commercial and residential space were let for clients such as Morgan Stanley, Citigroup, Brookfield or Royal Bank of Scotland. For foreign investors, CORPUS SIREO currently manages commercial and residential real estate with a total floor space of nearly 1.6 million square metres.
The new year, too, has been off to a positive start concerning the letting of portfolios belonging to international investors. Among the single biggest lease deals of the ongoing year is the re-letting of the former Woolworth building on Frankfurt’s high-street shopping boulevard Zeil. Here, the footwear chain HAKO will open a new “Leiser” branch in fall 2011, following comprehensive refurbishment of the building facade and of the 4,600 square metre retail space.
Ingo Hartlief, CEO of CORPUS SIREO Asset Management GmbH, commented the take-up: “Having originally acquired the properties for trading, investors have currently no way to turn a profit except by generating cash flow from rent revenues and by eliminating vacancies. This makes active letting one of the most important jobs for an asset manager at the moment. For our clients, it is of great advantage that we are able to support them optimally in this effort.”
About CORPUS SIREO
CORPUS SIREO, based in Cologne and Heusenstamm near Frankfurt, counts among Germany’s leading real estate service providers. The company offers investment and asset management services for institutional clients, banks and companies with proprietary real estate portfolios. Moreover, CORPUS SIREO acts as broker and project developer for owner-occupiers and investors. With more than 17 billion Euros in real assets under management, CORPUS SIREO employs a staff of around 530 professionals at ten locations in Germany and Luxembourg.
For more details go to: www.corpussireo.com
Follow us on Twitter: http://twitter.com/corpussireo
mehr...